Financial exploitation of the elderly is a serious and growing concern. Financial exploitation of the elderly occurs when a person steals, misuses, or withholds an elderly person's assets, money, and property for advantage or profit. There are various types of activities that are considered financial exploitation including forgery, misappropriation of assets, and misuse of credit cards. Additionally, offenders may try to exploit financial arrangements including living trusts and wills, deeds of trust, joint accounts, or powers of attorney. Financial exploitation can occur by trickery, duress, coercion, or taking advantage of an elder who is incapacitated or unable to give informed consent. Common scams used to financially exploit the elderly include identity theft and home repair scams.
In 2008, Colorado established a new law which gives the Court more power to review fiduciary actions and assess the need for oversight, removal, sanctions and contempt. A court possesses and may employ its powers to require a written report or require the fiduciary to appear before the court to submit documents and answer questions. The court can remove the fiduciary and assess damages including compensatory damages, interests and attorney fees and costs if a breach of fiduciary duty as occurred or an improper exercise of power has occurred. A fiduciary includes a executor, personal representative, guardian, conservator and trustee.
There are several signs to be aware of if you are concerned that someone you know is a victim of financial exploitation. For example, unusual bank activity including frequent or inconsistent transfer of funds to new accounts may be a sign of financial exploitation. Additionally, if bills are not being paid or the elder is unaware of changes to financial arrangements. If you or someone you know is a victim of financial exploitation, our attorneys can assist you in pursuing the relief your family deserves. |
